Sinoma-int(SH:600970) Guotai Junan Securities·2024-03-27 16:00Investment Rating - The investment rating for the company is "Accumulate" [2][3] - Previous rating was also "Accumulate" [2][3] Core Views - The report maintains an "Accumulate" rating, with an adjusted target price of 17.70 CNY, reflecting a 14x P/E for 2024 [2][3] - The company's net profit for 2023 is expected to increase by 14.7%, aligning with expectations, with a significant cash flow improvement of 210% [2][3] - New signed orders increased by 18% in 2023, with overseas orders rising by 55% [2][3] Financial Summary - Revenue for 2023 is projected at 45,799 million CNY, a 6.9% increase from the previous year [2][3] - The net profit attributable to shareholders for 2023 is expected to be 2,916 million CNY, reflecting a 14.7% increase [2][3] - The company’s operating cash flow for 2023 is projected to be 35.4 billion CNY, a significant increase from 11.4 billion CNY in the same period last year [2][3] Earnings Forecast - EPS for 2023 is expected to be 0.96 CNY, with projections of 1.10 CNY for 2024 and 1.27 CNY for 2025 [2][3] - The company anticipates a dividend payout ratio of 36% in the future, with a dividend yield of 3.67% [2][3] Order Growth - The total new signed contracts for 2023 amounted to 616 million CNY, with a cumulative growth rate of 18% [9] - Domestic new signed contracts totaled 283 million CNY, showing a decrease of 8%, while overseas contracts reached 333 million CNY, marking a 55% increase [9] Market Performance - The stock price range over the past 52 weeks has been between 8.90 CNY and 14.71 CNY, with a market capitalization of 28,775 million CNY [2][3]